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How small businesses can afford marketing during Covid-19

How is the business sector going to bounce back? An increasingly popular view is that the recovery will be led by small firms. If this is to happen, successful marketing is key. The question is, how can small firms afford the reinvention of their marketing strategies?

The coronavirus pandemic has changed a lot of things for small businesses, including the marketing of products and services. Some traditional strategies have had to be put on hold and there has been a clear shift in focus towards digital marketing.

Marketing during Covid-19 and the focus on digital

It seems clear that, if small businesses want to rebuild and achieve new growth, it is important that they embrace digital marketing. Now’s the time to optimise your website and ensure that it works for you in the way you want it to, whether it functions as a portfolio, displays videos and images or offers an e-commerce platform.

It’s also time to optimise your social media channels. It’s important to consider which channels work best for your business and how best to use them to drive engagement and sales. Digital marketing is also a gateway for finding out more about your customers, whether it’s mining and analysing data, sending out direct communications or hosting virtual events.

Of course, physical marketing isn’t dead – far from it. Letters, postcards, billboards, etc. – these are still powerful marketing tools that can have a big impact on your brand and company. This award-winning billboard campaign from Innocent is a great example.

Investing in marketing and the role of alternative finance

Marketing is different during Covid-19 and it is critical that small firms adapt their strategies to the ‘new normal’. But this reorganisation comes at a cost and, for businesses battling for survival, finding the capital to make these changes is incredibly challenging. So, how can they afford it?

Alternative finance can help.

In the wake of prolonged caution from traditional lenders, alternative finance facilities such as invoice finance, asset finance, peer-to-peer lending and crowdfunding are proving a vital source of capital for small businesses, both for maintaining cashflow and for essential investment. These facilities, which offer a more personalised approach to lending, are helping small businesses survive and target regrowth.

Notably, alternative lending is playing a prominent role in the government emergency support schemes, in particular the Coronavirus Business Interruption Loan Scheme, which is connecting firms and the self-employed with loan, invoice finance and asset finance facilities. This profile is helping cement the reputation of alternative finance in the business sector.

Small businesses have long been the lifeblood of the UK economy and, if the sector is to fuel the recovery of the marketplace, firms will have to change how they market themselves and find the capital for new strategies. As such, it is critical that owners are aware of all the funding options available to them, including alternative finance.

To find out more about A&T Business Associates services, contact Tony Hedger on 01903 602211 or tony.hedger@atbusinessassociates.co.uk.

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